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File #: RES 19-2001    Version: 1
Type: Resolution Status: Passed
In control: City Council
Final action: 11/20/2019
Title: Authorizing the Office of Financial Services to apply for a $500,000 grant from the Minnesota Department of Education focused on CollegeBound Saint Paul for the Office of Financial Empowerment.
Sponsors: Amy Brendmoen

Title

Authorizing the Office of Financial Services to apply for a $500,000 grant from the Minnesota Department of Education focused on CollegeBound Saint Paul for the Office of Financial Empowerment.

 

Body

WHEREAS, the City established an Office of Financial Empowerment (the “OFE”) within the Office of Financial Services; and

 

WHEREAS, the CollegeBound Saint Paul is a college savings account program within the OFE focused on newborns living in Saint Paul with the goal of improving early childhood development and financial security outcomes for program participants; and

 

WHEREAS, the City of Saint Paul was appropriated a two-year, $500,000 legislative grant during the 2019 legislative session to establish a pilot program that creates a college savings account for every child born to a resident of the city of St. Paul during the time period for which funds are available, and performs analysis of potential establishment of a statewide program or program duplication by other cities; and

 

WHEREAS, $500,000 of the grant is available in 2019-2021 (the “Grant”) from the Minnesota Department of Education; and

 

WHEREAS, the Grant should be used to establish and fund the accounts, to provide incentives to current and potential pilot program participants and their families, and to provide outreach and education to current and potential pilot program participants and their families. The city may not use grant funds for the administrative costs of managing and operating the pilot program; now, therefore, be it

 

RESOLVED, that the City Council of Saint Paul does hereby authorize the Office of Financial Services to apply for the Grant from the Minnesota Department of Education in the amount of $500,000 for CollegeBound Saint Paul. 

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